Rental markets / Research
FY2027 Fair Market Rent changes
Three-bedroom benchmarks rise in 28 of the 50 markets we cover and fall in 22.
Upcoming schedule · Takes effect October 1, 2026
Figures compare FY2026 and FY2027 HUD gross-rent benchmarks for 3 bedrooms. They include tenant-paid utilities. They are not changes in asking rents or approved voucher payments.
- Markets with an increase
- 28of 50
- Markets with a decrease
- 22of 50
- Median market change
- +1.8%
Largest increases and decreases
Source: HUD FY2026 and FY2027 schedules; calculations by The Rental Wire. Download this chart.
Number of markets by percentage change
Each market counts equally. This is not a national rent-growth estimate.
Rent changes by ZIP code
49 of 50 markets have both rising and falling ZIP benchmarks. In Rochester, the area benchmark falls 10.0%, while 69 of 151 ZIPs with data in both years increase.
Of the 50 markets, these five have the widest gaps between their 10th and 90th percentile ZIP benchmarks. Each ZIP counts equally; the figures describe ZIPs, not individual properties.
| Market area | 10th percentile | 90th percentile | Monthly gap |
|---|---|---|---|
| Chicago | $2,060 | $3,590 | $1,530 |
| Nashville | $1,500 | $2,910 | $1,410 |
| Dallas | $1,690 | $2,930 | $1,240 |
| Baltimore | $2,130 | $3,360 | $1,230 |
| Indianapolis | $1,450 | $2,630 | $1,180 |
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3-bedroom HUD gross rents, sorted by percentage change.
| Market area | FY2026 | FY2027 | Monthly change | Change |
|---|---|---|---|---|
| Kansas CityKS, MO | $1,769 | $2,020 | +$251 | +14.2% |
| ChicagoIL | $2,294 | $2,586 | +$292 | +12.7% |
| GreenvilleSC | $1,612 | $1,801 | +$189 | +11.7% |
| New OrleansLA | $1,701 | $1,900 | +$199 | +11.7% |
| ColumbusOH | $1,715 | $1,909 | +$194 | +11.3% |
| Fort WayneIN | $1,381 | $1,534 | +$153 | +11.1% |
| St. LouisIL, MO | $1,568 | $1,731 | +$163 | +10.4% |
| Winston-SalemNC | $1,607 | $1,754 | +$147 | +9.1% |
| BirminghamAL | $1,583 | $1,727 | +$144 | +9.1% |
| PittsburghPA | $1,661 | $1,773 | +$112 | +6.7% |
| Grand RapidsMI | $1,980 | $2,113 | +$133 | +6.7% |
| BaltimoreMD | $2,358 | $2,509 | +$151 | +6.4% |
| CincinnatiIN, KY, OH | $1,785 | $1,897 | +$112 | +6.3% |
| BuffaloNY | $1,640 | $1,732 | +$92 | +5.6% |
| CharlotteNC, SC | $2,076 | $2,179 | +$103 | +5.0% |
| NashvilleTN | $2,211 | $2,309 | +$98 | +4.4% |
| IndianapolisIN | $1,907 | $1,991 | +$84 | +4.4% |
| DenverCO | $2,734 | $2,846 | +$112 | +4.1% |
| Des MoinesIA | $1,794 | $1,856 | +$62 | +3.5% |
| DetroitMI | $1,724 | $1,777 | +$53 | +3.1% |
| HuntsvilleAL | $1,690 | $1,735 | +$45 | +2.7% |
| Oklahoma CityOK | $1,675 | $1,713 | +$38 | +2.3% |
| PhiladelphiaDE, MD, NJ, PA | $2,170 | $2,216 | +$46 | +2.1% |
| MemphisAR, MS, TN | $1,683 | $1,717 | +$34 | +2.0% |
| San AntonioTX | $1,830 | $1,864 | +$34 | +1.9% |
| JacksonvilleFL | $2,043 | $2,077 | +$34 | +1.7% |
| TulsaOK | $1,602 | $1,611 | +$9 | +0.6% |
| LouisvilleIN, KY | $1,625 | $1,629 | +$4 | +0.2% |
| TucsonAZ | $1,950 | $1,946 | −$4 | -0.2% |
| ClevelandOH | $1,646 | $1,628 | −$18 | -1.1% |
| OrlandoFL | $2,476 | $2,445 | −$31 | -1.3% |
| RichmondVA | $2,072 | $2,039 | −$33 | -1.6% |
| DaytonOH | $1,651 | $1,623 | −$28 | -1.7% |
| SavannahGA | $2,235 | $2,185 | −$50 | -2.2% |
| Little RockAR | $1,540 | $1,504 | −$36 | -2.3% |
| AustinTX | $2,347 | $2,292 | −$55 | -2.3% |
| TampaFL | $2,527 | $2,448 | −$79 | -3.1% |
| GreensboroNC | $1,703 | $1,644 | −$59 | -3.5% |
| Baton RougeLA | $1,511 | $1,456 | −$55 | -3.6% |
| AtlantaGA | $2,182 | $2,099 | −$83 | -3.8% |
| Las VegasNV | $2,413 | $2,317 | −$96 | -4.0% |
| RaleighNC | $2,196 | $2,103 | −$93 | -4.2% |
| WichitaKS | $1,444 | $1,382 | −$62 | -4.3% |
| ChattanoogaGA, TN | $1,734 | $1,657 | −$77 | -4.4% |
| HoustonTX | $2,116 | $2,017 | −$99 | -4.7% |
| MilwaukeeWI | $1,648 | $1,553 | −$95 | -5.8% |
| DallasTX | $2,431 | $2,275 | −$156 | -6.4% |
| PhoenixAZ | $2,452 | $2,287 | −$165 | -6.7% |
| Salt Lake CityUT | $2,333 | $2,143 | −$190 | -8.1% |
| RochesterNY | $1,895 | $1,706 | −$189 | -10.0% |
Download all bedroom counts: Studio through 4 bedrooms, with source links and ZIP comparisons.
Sources & method
Analysis by The Rental Wire using HUD's FY2026 area schedule, FY2027 area schedule and FY2027 ZIP schedule. The FY2027 notice sets the effective date. Data checked September 22, 2026.
Coverage, calculations & limitations
- These are the 50 HUD areas in our directory, not a representative U.S. sample. Each market page lists its official name and boundaries.
- Area change = (FY2027 rent ÷ FY2026 rent − 1) × 100. All 50 comparisons use the same boundaries in both years. Each area counts equally toward the median.
- ZIP changes compare the same ZIP in the same HUD area and bedroom count in both years: 7,495 matched area/ZIP pairs. ZIPs missing a year are excluded.
- ZIP percentiles use the nearest-rank method on available FY2027 values: sorted value at rank ceil(percentile × ZIP count). ZIPs are not weighted by population or rental units. The range table ranks areas by 90th-minus-10th percentile dollars.
- HUD FMRs are gross-rent benchmarks. They include tenant-paid basic utilities, excluding phone, cable and internet. These changes also reflect HUD's estimation methods and are not a series of observed asking rents.
- A housing authority's payment standard and an approved rent can differ from these figures. A published Small Area FMR does not establish that every local authority uses it.
- The FY2026 source includes a May 21, 2026 revision; none of these 50 areas was revised. Exports retain effective dates and distinguish source revisions from area revisions.
Cite or reuse the findings
The Rental Wire. “FY2027 Fair Market Rent Changes: 50 Markets Compared.” Published September 26, 2026. Analysis of U.S. Department of Housing and Urban Development FY2026 and FY2027 schedules, checked September 22, 2026. https://therentalwire.com/rental-markets/fy2027-rent-changes/
You may reuse our chart and findings with a link to this report and credit to HUD as the data source. HUD data is covered by its public-domain reuse policy, section 1.D. Rental Wire is not affiliated with or endorsed by HUD.